Canagold Resources Stock Market Value
| CCM Stock | CAD 0.30 0.00 0.00% |
| Symbol | Canagold |
Canagold Resources Price To Book Ratio
Canagold Resources 'What if' Analysis
In the world of financial modeling, what-if analysis is part of sensitivity analysis performed to test how changes in assumptions impact individual outputs in a model. When applied to Canagold Resources' stock what-if analysis refers to the analyzing how the change in your past investing horizon will affect the profitability against the current market value of Canagold Resources.
| 05/09/2023 |
| 11/29/2024 |
If you would invest 0.00 in Canagold Resources on May 9, 2023 and sell it all today you would earn a total of 0.00 from holding Canagold Resources or generate 0.0% return on investment in Canagold Resources over 570 days. Canagold Resources is related to or competes with Starcore International, and Chesapeake Gold. Canarc Resource Corp. engages in the acquisition, exploration, and development of precious metal properties in the Unite... More
Canagold Resources Upside/Downside Indicators
Understanding different market momentum indicators often help investors to time their next move. Potential upside and downside technical ratios enable traders to measure Canagold Resources' stock current market value against overall market sentiment and can be a good tool during both bulling and bearish trends. Here we outline some of the essential indicators to assess Canagold Resources upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 4.44 | |||
| Information Ratio | (0.02) | |||
| Maximum Drawdown | 17.78 | |||
| Value At Risk | (5.88) | |||
| Potential Upside | 6.25 |
Canagold Resources Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Canagold Resources' investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Canagold Resources' standard deviation. In reality, there are many statistical measures that can use Canagold Resources historical prices to predict the future Canagold Resources' volatility.| Risk Adjusted Performance | 0.0193 | |||
| Jensen Alpha | 0.0328 | |||
| Total Risk Alpha | (0.43) | |||
| Sortino Ratio | (0.02) | |||
| Treynor Ratio | 0.851 |
Canagold Resources Backtested Returns
Canagold Resources secures Sharpe Ratio (or Efficiency) of -8.0E-4, which signifies that the company had a -8.0E-4% return per unit of risk over the last 3 months. Canagold Resources exposes twenty-five different technical indicators, which can help you to evaluate volatility embedded in its price movement. Please confirm Canagold Resources' Mean Deviation of 1.91, risk adjusted performance of 0.0193, and Downside Deviation of 4.44 to double-check the risk estimate we provide. The firm shows a Beta (market volatility) of 0.0446, which signifies not very significant fluctuations relative to the market. As returns on the market increase, Canagold Resources' returns are expected to increase less than the market. However, during the bear market, the loss of holding Canagold Resources is expected to be smaller as well. At this point, Canagold Resources has a negative expected return of -0.0027%. Please make sure to confirm Canagold Resources' total risk alpha, downside variance, day median price, as well as the relationship between the maximum drawdown and skewness , to decide if Canagold Resources performance from the past will be repeated at some point in the near future.
Auto-correlation | -0.82 |
Excellent reverse predictability
Canagold Resources has excellent reverse predictability. Overlapping area represents the amount of predictability between Canagold Resources time series from 9th of May 2023 to 18th of February 2024 and 18th of February 2024 to 29th of November 2024. The more autocorrelation exist between current time interval and its lagged values, the more accurately you can make projection about the future pattern of Canagold Resources price movement. The serial correlation of -0.82 indicates that around 82.0% of current Canagold Resources price fluctuation can be explain by its past prices.
| Correlation Coefficient | -0.82 | |
| Spearman Rank Test | -0.79 | |
| Residual Average | 0.0 | |
| Price Variance | 0.0 |
Canagold Resources lagged returns against current returns
Autocorrelation, which is Canagold Resources stock's lagged correlation, explains the relationship between observations of its time series of returns over different periods of time. The observations are said to be independent if autocorrelation is zero. Autocorrelation is calculated as a function of mean and variance and can have practical application in predicting Canagold Resources' stock expected returns. We can calculate the autocorrelation of Canagold Resources returns to help us make a trade decision. For example, suppose you find that Canagold Resources has exhibited high autocorrelation historically, and you observe that the stock is moving up for the past few days. In that case, you can expect the price movement to match the lagging time series.
Current and Lagged Values |
| Timeline |
Canagold Resources regressed lagged prices vs. current prices
Serial correlation can be approximated by using the Durbin-Watson (DW) test. The correlation can be either positive or negative. If Canagold Resources stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Canagold Resources stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Canagold Resources stock over time.
Current vs Lagged Prices |
| Timeline |
Canagold Resources Lagged Returns
When evaluating Canagold Resources' market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Canagold Resources stock have on its future price. Canagold Resources autocorrelation represents the degree of similarity between a given time horizon and a lagged version of the same horizon over the previous time interval. In other words, Canagold Resources autocorrelation shows the relationship between Canagold Resources stock current value and its past values and can show if there is a momentum factor associated with investing in Canagold Resources.
Regressed Prices |
| Timeline |
Pair Trading with Canagold Resources
One of the main advantages of trading using pair correlations is that every trade hedges away some risk. Because there are two separate transactions required, even if Canagold Resources position performs unexpectedly, the other equity can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Canagold Resources will appreciate offsetting losses from the drop in the long position's value.Moving against Canagold Stock
| 0.6 | IE | Ivanhoe Energy | PairCorr |
| 0.6 | NVDA | NVIDIA CDR | PairCorr |
| 0.47 | FDY | Faraday Copper Corp | PairCorr |
| 0.43 | GOOG | Alphabet CDR | PairCorr |
| 0.39 | AG | First Majestic Silver | PairCorr |
The ability to find closely correlated positions to Canagold Resources could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Canagold Resources when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Canagold Resources - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Canagold Resources to buy it.
The correlation of Canagold Resources is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Canagold Resources moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Canagold Resources moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Correlation analysis and pair trading evaluation for Canagold Resources can also be used as hedging techniques within a particular sector or industry or even over random equities to generate a better risk-adjusted return on your portfolios.Other Information on Investing in Canagold Stock
Canagold Resources financial ratios help investors to determine whether Canagold Stock is cheap or expensive when compared to a particular measure, such as profits or enterprise value. In other words, they help investors to determine the cost of investment in Canagold with respect to the benefits of owning Canagold Resources security.